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Dec 8, 2012 10:00am PST
and lawmakers in washington continue to push america's economy toward a fiscal cliff. both sides promising to cut trillions in government spending over the next decade but republicans insist it could be done without raising taxes on the rich. president obama ib cysts it's a nonstarter. it's a mess. no one can argue that. what happens if there is no deal? are we, as some argue, making too much of the fiscal cliff deadline? would it be a catastrophe to hit it, go over it? maybe for a while. joining me from london, the host of quest means business on cnn international. i have 60 seconds to set you straight on this. i'll go first. [ bell ringing ] all right. it could be catastrophic if congress doesn't get a deal by january 1. the government will try to soften the blow of spending cuts and tax increases. they could delay the withholdings that people pay though tax rates are going up or they could tell agencies to accelerate the spending at the new year to mitigate cuts that are coming. that assumes congress will do something. otherwise it could be catastrophic. i say, don't count on it. if a d
Dec 9, 2012 12:00pm PST
on january the 1st, the moment the fiscal cliff arrives. it's going to be a slow drip, drip, drip effect as people realize that slowing and spending, taxes go up. consumers are worried. it won't happen overnight. there's going to be no dramatic over the cliff we go. instead, you will see an evaporation of confidence. you will see an evaporation of business decision making and that is where the tumor and the cancer will begin. in the united kingdom, we've just had higher borrowing numbers and lower growth forecast. just last week, the ecb came out wi with dreadful, dreadful numbers on how the euro zone is performing and you want to play games with something as important as the u.s. budget. i'm going to finish here. the core worry is three weeks out and an inability to do a deal. >> so, it mabt come january 2nd or 30th, the catastrophe is long-term because of the erosion of confidence in the united states. >> it's happening -- it's happening now. >> we see it anytime jobs numbers. >> once you and i -- while you and i are enjoying our weekend, it is happening. >> were agreed. richard quest,
Search Results 0 to 2 of about 3 (some duplicates have been removed)